The number of individuals applying for insolvency jumped to the highest level in almost three years in the first three months of 2017, in a further sign of the mounting financial pressure facing UK households. Personal insolvencies in England and Wales totalled 24,531 between January and March, up 6.7% on the previous quarter and 15.7% higher than the same period a year earlier. It was the highest number of individual cases since the second quarter of 2014, according to the Insolvency Service, which published the figures. The rise comes at a challenging time for UK households, as incomes are squeezed by a combination of rising inflation and weak pay growth. “Compared with where insolvency numbers were a few years ago, personal insolvency rates are still low and the recent bankruptcy rises have been very small.

Source: The Guardian April 28, 2017 14:34 UTC